It can be hard for executives to persuade the board to make continued investments in cybersecurity, as the benefits are often only preventative in nature, and thus hard to measure. With talk of recessions, and layoffs in tech industries, these arguments are only going to get more difficult, according to an article in CNBC.
Cuts can be devastating, however, as a single disruption to networks can easily dwarf any savings. Says Daniel Soo, risk and financial advisory principal in cyber and strategic risk at Deloitte to CNBC, “An effective mechanism for justifying cyber investment is to consider the negative impact of business disruption caused by a cyber incident to revenue, which also reduces trust built between organizations and their stakeholders.”
Similarly, in discussing the challenges of increasing investment during economic uncertainty, Merritt Maxim, vice president and research director at Forrester Research, says to CNBC, “It’s also a time for CISOs to strengthen influence, generate goodwill, and dispel the perception of security as a cost center by relieving downturn-induced burdens placed on customers, partners, peers, and affected teams.”
In justifying that additional funding, cybersecurity executives can emphasize technologies that provide strong returns. Says Soo to CNBC, “CISOs ought to invest in their talent to elevate their ability to better leverage artificial intelligence and automation, both of which are levers for rearchitecting how work can be done while improving productivity.”
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